UAE-based SHUAA Capital and Jabal Omar Development Company (JODC) signed a Memorandum of Understanding (MoU) with an aim to launch and manage real estate investment vehicles in Saudi Arabia.
Pursuant to the recent MoU between Jabal Omar Development and ADFG, the largest shareholder in SHUAA Capital, to explore opportunities for collaboration and partnerships associated with new developments in Makkah and throughout Saudi Arabia, SHUAA Capital and Jabal Omar Development are now seeking avenues of cooperation towards the creation and management of a set of strategic real estate funds directed towards managing the development and expansion of centrally located real estate hotspots across the Kingdom.
Jabal Omar CEO, Yasser Al-Sharif, said: We are delighted with the strategic partnership with SHUAA and the potential business that we envisage to develop together, given their track record and experience in real estate in the Kingdom of Saudi Arabia. This MoU demonstrates commitment to our strategy to build new strategic relationships with key stakeholders in the region.
Jassim Alseddiqi, chairman SHUAA Capital, said: We are delighted to be partnering with Jabal Omar on upcoming real estate investment projects throughout Saudi Arabia. SHUAAs established record in managing real estate funds and developments within the Kingdom, coupled with Jabal Omars unique reputation and achievements in building prime mega developments, will help create a favourable and mutually-beneficial partnership model for delivering the highest quality developments and achieve returns for stakeholders.
The alliance between SHUAA Capital and Jabal Omar Development Company is one of several planned ventures, aimed at securing a pole-position within Saudi Arabias growing economy, as part of the Kingdoms Vision 2030 transformation plans.